Despite four additional interest rate hikes from the Fed this year, the number of real estate transactions in Jackson Hole has virtually matched last year through the first nine months of 2023. There have been 204 closings in Teton County, Wyoming, this year, compared to 203 closings through the same period in 2022.
Powered by luxury real estate transactions of more than $5 million that have accounted for only one-fifth of all closings but for more than 50% of the total dollar amount, overall sales volume in Jackson Hole has increased by 11.8% to more than $770 million so far this year.
The most active price range in terms of unit sales has been $1.5 million to $3 million properties, which have made up more than one-third of all transactions.
While the continued resilience of the Tetons market – particularly among high-end properties – makes it difficult to suss out dynamics, there are signs in the generally more attainable condos and townhomes segment that a shift toward a buyer’s market has begun.
In May 2022, a one-bedroom Virginian Village condo sold for $655,000, while this May, a similar Virginian Village condo sold for 12.9% less at $570,000. Similar comparisons show sales price decreases at the Park Place Condos (down 12.8%), Love Ridge at Snow King (down 16.8%) and adjacent townhomes on East Kelly (down 15.7%).
Though the direction of the local market remains a little murky, buyers and sellers have clearly turned to the experienced Realtors at Jackson Hole Sotheby’s International Realty during this time. Our brokerage’s market share of real estate sales volume has grown to 48.6% this year, far outpacing the No. 2 brokerage at 15.0%. If you are looking to buy or sell in the Tetons, contact us today at jhpropertygroup@jhsir.com or (307) 739 8190 so that we can show you why.
You can view the full Teton County, Wyoming Market Report for Third Quarter 2023 below.
